Key Facts Statement – Payit

Key Facts Statement - Payit

Payit is a mobile digital wallet service operated by First Abu Dhabi Bank PJSC (the “Bank“) that can be used to hold, send and receive funds via the Payit mobile application (the “App”).

Eligibility Full KYC payit customers
Product description and purpose

Payit is a secure, easy-to-use digital wallet accessed through the Payit mobile application with no minimum balance requirement, no annual fees and no service charges.

Your account with Payit (the “Payit Account”) can be used to hold, send and receive funds. If you are employed, you may also be eligible to have your salary paid directly into your Payit Account (the “Payit Plus Account”).

Eligibility You must be 18 years or above and resident in the UAE to use Payit.
Cooling off period You may change your mind about opening a Payit Account within five (5) business days of agreeing to the Payit Terms and Conditions. You let us know by contacting us at help@payit.ae or via the App.
Currency AED (Arab Emirates Dirhams).
Fees Payit and Payit plus Fees & Charges Fees
(AED)
Monthly Fee
Monthly fee 0
Annual fee 0
Letsgo Payit Card fees
Decline transaction fees (if no sufficient funds) 0
Value added service fees 0
Digital Letsgo Payit Card Issuance Fee 0
Physical Letsgo Payit Card Issuance Fee 0
Card dispatch fee 0
Card replacement fee 0
Card renewal fee every 5 years 25
Cross currency conversion fee 0
Closure fee 0
False charge back fee 100
ATM fees
FAB ATM - Cash withdrawal 0
FAB ATM - Balance inquiry 0
Non-FAB ATM - Balance inquiry 1
Non-FAB ATM - Cash withdrawal 2
SMS Cash out 3
International & GCC ATM- Balance inquiry 3
GCC ATM - Cash withdrawal 6
International ATM - Cash withdrawal 20
International Money Transfer fees
Easy bank transfer by Payit (Mastercard) 3
5
7
9
Express bank transfer by Federal bank 7
Bank transfer By SWIFT 20
30
45
50
MoneyGram cash Pick-up 10
Domestic Transfers Fees (Send money locally)
Payit Wallet to Payit Wallet 0
Payit Wallet to FAB 0
Payit Wallet to other Banks in UAE 2
OnDemand Payit
Key Fact Statement Click here
Minimum Balance No minimum monthly balance required.
Maximum Wallet Limit
  • AED 3,500 initially before completing the full registration process.
  • AED 25,000, once the full registration process has been completed.
Load options

You can load funds into your Payit Account through the following channels:

  • via the App using the debit card linked to your Payit Account;
  • by bank transfer from your nominated bank account; and
  • if you hold a bank account with us, via our mobile banking application.

You may also be eligible to have your salary paid directly into your Payit Plus Account. You can contact us via the App or by email at to find out if you are eligible for this service.
Warning:
  • Your Payit account must be funded before use. Insufficient funds loaded onto your Payit account may result in a transaction being rejected.
  • If you see a transaction on your account that you do not recognize, or you think may be incorrect, you must contact us immediately via the call center, App or our website.
  • We may suspend or cancel access to your Payit Account if your conduct is found to be unsatisfactory or against our compliance policy, UAE Central Bank regulations or the Payit Terms and Conditions.
Important Notes:
  • All the information / options provided by the Bank are for the purpose of your informed decision making and this will not be deemed as specific advice or recommendation.
  • We may change the Payit Terms and Conditions at any time by providing you with sixty (60) calendar days’ written notice. We may also make some changes without telling you in advance, including where we are required to make a change due to legal and/or regulatory requirements and there is not time to give you notice of such changes.
  • You must submit all forms, documents and evidence relating to issuance of Payit Account that we may require, in a form and substance satisfactory to us.
  • It is your responsibility to always provide us with an up-to-date postal address, mobile telephone number and electronic mail address and to notify us of any change of contact information you previously provided to us.
  • You can contact the "help@payit.ae" mailbox for any queries or complaints related to any applicable terms and conditions.
  • - The Payit Terms and Conditions, and any amendments made to them, will be made available to you at https://payit.ae/terms-conditions/ and via the App.